Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1887-05-12
Pacific Railroad INTERPRETATION.

New YORK. May 11.-Yesteriay the
Pacific railway commission communicated
with Senator Mcpherson of New Jersey,
desiring him to furnish all the information
he possessed regarding the Pacific railway
system. This request was the result of
recently published interview with Senator
Mcpherson, in which he characterized the
Investigation as superficial.
The first witness today was Amos II.
Calef He testified that he was secretary
and treasurer OF the Missouri Pacific. Iron
Mountain, St Louis and Ft Scott railroads
and as many more roads; he could not re-
member them all; was secretary of the
Kansas Pacific in so; never kept the ac-
counts of the Union Pacific and Kansas
Pacific pool; issued certificates; supposed
he was present and witnessed
articles of consolidation between
Union Pacific and Kansas Pacific but did
remember A copy of the consolidation
signed by the stockholders was shown
| witness and his certificates of ratification
dated in April, whereas the consolidation
was had in the proceeding January, and
witness transfer of the 1886 shares of
Denver Pacific to Kansas Pacific. He did
not know how The road parted with them,
but thought they went to Gould, though he
could not say what securities Gould put up
for them. Generally speaking Calefs
memory was extremely poor.
Addison Cammack, the well-known
stock broker, was next called. He
was director of both the Kansas Pacific
and Union Pacific roads at the time Of the
consolidation. With James II. Keene he
was member of the syndicate which pur-
chased large block of Union Pacific
shares from Jay Gould and by arrange
ment they were made directors Of both
companies. Was present at the meeting of
directors of the Union Pacific and Kansas
Pacific roads at the time of the consolida-
ton In the Union Pacific directors meet
ing he voted for consolidation because the
Kansas Pacific was competing line and a
union of interests would prevent ruinous
cutting of rates and increase the earnings
of both corporations He knew nothing
of the financial condition of the Kansas
Pacific road; only desired to see the roads
prosper.
Comptroller Mink of the Union Pacific,
was next called and presented statement
of the relative exchange of stock of the
Denver Pacific at the time of the consoli-
dation, January, 80. 1t says the Union
Pacific stock issued in exchange therefor
was delivered to the consolidated company
and carried by it as stock OWED by the
company He says the accounts of the
Union Pacific show that company derived
all the advantages derived from the sale of
said stock At the date Of the consolidation
the Kansas Pacific was owner of 50. $50
shares of stock of the Denver Pacific which
cost $3.50, 900 This stock was turned over
to the Union Pacific, regularly entered by
the consolidated company among its assets,
aud subsequently, exchanged for Union
Pacific stock In addition to the above In
connection with other transactions the
Union Pacific acquired 3, 40 IL shares of
its own stock through exchange Of stock
of the Union Pacific and Kansas Pacific,
owned by constituent companies. The
Union Pacific company, therefore. acquired
from constituent companies the stock Of
these companies which were exchanged for
its own stock to the extent Of 1912, ola
shares.